Brazil’s state-owned oil giant, Petrobras, is signaling a robust interest in re-entering Nigeria’s lucrative oil industry, particularly focusing on frontier deepwater exploration blocks. This move is part of broader efforts to strengthen Nigeria-Brazil bilateral relations and deepen cooperation in the energy sector.
The revelation came during an interministerial review meeting chaired by Nigeria’s Vice President, Kashim Shettima, at the Presidential Villa in Abuja on Wednesday. The session, attended by six ministers and the Solicitor-General of the Federation, was primarily convened to coordinate Nigeria’s preparations for the upcoming 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM), scheduled for June.
Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, confirmed Petrobras’ renewed engagement with Nigerian authorities, noting the company’s interest in deepwater frontier acreage. Petrobras had previously wound down operations at Nigeria’s Agbami field but is now keen on re-establishing its presence in the country’s oil sector.
Vice President Shettima emphasized the strategic significance of the Nigeria-Brazil partnership, describing the current period as a “moment of interface” between the two countries. He highlighted that 2025 offers Nigeria a unique chance to leverage Brazil’s hosting of major global events such as the BRICS Summit, the G20 Summit, and COP30 to enhance bilateral cooperation and attract investment flows.
“We have not maximally capitalized on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MOUs) and unlock investment flows,” Shettima said.
Foreign Affairs Minister Yusuf Tuggar provided further insight into the ongoing engagements with Petrobras. Besides the company’s interest in frontier deepwater blocks, Petrobras is also exploring collaboration opportunities in ethanol blending with the Nigerian National Petroleum Company Limited (NNPCL).
“Petrobras is no longer active in Nigeria, but they are very keen on returning. They have expressed strong interest in deepwater frontier acreage, which aligns with Nigeria’s strategy to boost exploration and production in underdeveloped oil blocks,” Tuggar said.
The ministry is actively coordinating the interministerial working groups, compiling over a dozen draft MOUs across multiple sectors such as energy, agriculture, health, and culture, awaiting approval by the Ministry of Justice. This is part of a holistic approach to deepen Nigeria-Brazil relations beyond oil and gas.
Minister of Agriculture Abubakar Kyari underlined the ongoing collaboration on agricultural research, highlighting MOUs focused on soybean value chain development, cassava research, agro-forestry systems, and climate adaptation technologies. These build on the existing Green Imperative Project (GIP) between Nigeria and Brazil, aimed at sustainable agricultural development.
The Ministry of Art, Culture, Tourism, and Creative Economy, led by Hannatu Musawa, emphasized the strong historical and cultural ties between Nigeria and Brazil, given the ancestral links many Brazilians have to Nigeria. The ministry has finalized MOUs for audiovisual co-productions, joint exhibitions, and cultural events ahead of FESTAC’s 50th anniversary next year.
On the health front, Coordinating Minister of Health and Social Welfare Mohammed Pate praised Brazil’s universal health coverage achievements as a model for Nigeria. He highlighted opportunities for cooperation in pharmaceutical research, local drug manufacturing, workforce development, and tackling tropical diseases.
The renewed interest of Petrobras in Nigeria’s oil sector comes at a critical time as Nigeria seeks to revitalize its oil and gas industry by attracting fresh investment into frontier deepwater blocks, known for their high potential but requiring advanced technology and expertise.
This development aligns with Nigeria’s broader economic diversification and sustainability goals, leveraging strategic international partnerships to boost growth, create jobs, and enhance energy security.
Petrobras’ return could signal a new phase of energy cooperation between Nigeria and Brazil, potentially bringing advanced deepwater exploration technologies, increased foreign direct investment, and enhanced knowledge transfer to Nigeria’s oil sector.
With the 2025 Nigeria-Brazil SDM approaching, all eyes will be on the agreements and collaborations that emerge, setting the tone for stronger bilateral ties and mutual economic growth in the coming years.